Theoretical Study of China’s Capital Structure Assessment of the Situation
|School||Tianjin University of Finance and Economics|
|Keywords||Capital Structure Capital structure theory Capital Structure|
Since 1958 , Modigliani and Miller proposed capital structure theory in the modern sense -MM theory attracted the attention of many scholars of the capital structure theory , with the ongoing research of the capital structure , the theory of capital structure is also more and more rich . Our capital structure theory started relatively late , no matter of public concern early in our country , the implementation of the planned economic system , the corporate capital structure , with the reform and opening up , China's socialist market economic system, the establishment of corporate fund-raising channels change in the pattern , and its own development needs , the corporate capital structure gradually become the focus of the field of financial theory . This paper is the use of a standardized research methodology , a simple review of the development of the theory of capital structure , and is based on the research of Chinese scholars in recent years , mainly from the macro - environment , industry factors and corporate governance which three China corporate capital structure theory research status and summarized , and combined with the capital structure of the country at this stage to analyze , integrate theory with practice . In the background , methods and content comparison with foreign capital structure research that form our distinctive theory of corporate capital structure theory research should focus on research methods , development time is short , with little experience , a combination of normative and empirical building and expanding the coverage of the sample data , in terms of research content to focus on the extension of the micro - environment , and should strengthen the model , such as the introduction of human capital theory of capital structure , making the scope of the study of the theory of capital structure is broader. Finally, based on the capital structure of Chinese enterprises theoretical research direction of exploration , the direction of the capital structure of Chinese enterprises optimize the analysis , to phase of our corporate capital structure research will certainly help , also hope you scholars able to be able to continue efforts , the theoretical application to practice , from practice to guide the development of the theory .